Topshop has 319 stores in the UK as well as franchises operating in 37 countries around the world. In addition to targeting the US, Sir Philip wants to take the British brand to China and last year agreed a deal to open a Topshop in Hong Kong.

Topshop is valued at £2bn after Arcadia, the fashion conglomerate led by the billionaire tycoon, sold a 25pc stake to private equity firm Leonard Green & Partners.